5 Ways To Win A Bidding War

Finding the house of your dreams can be a wonderfully exhilarating experience but if you get stuck in a bidding war it can be a heart breaking one as well. If you are in the market for a new home and you have found the one you want, there are a few things you can do to help you win a bidding war.

  1. Be sure to make your best offer upfront. Don’t play games when it comes to making an offer on the house of your dreams when someone else is interested in it too. You may want the house badly but what you don’t want to happen is to bite off more of a house payment than you can handle. Make a good solid offer and then be willing to walk away if that offer is outbid. Be sure not to make a low ball offer because you will likely be turned down and not accepted back into the bidding for your house.
  2. If you are dealing with a lot of folks making offers on the house you want, you may want to dig into your pockets and make a cash offer if you are able to do so.
  3. Be sure that you are pre-approved before you go out on a search for your dream home. It is a great idea regardless of the circumstances to get a pre-approval before looking for a new home but it is imperative if you get caught up in a bidding war with someone else.
  4. Another good idea for making an offer during a bidding war is to write a letter to the home owners explaining why you love their home. You never know how this letter may impact the sale even if your offer is not the highest of the ones submitted. Be sure to be very complimentary of the seller’s property in your letter to them. Put your best foot forward in your letter so that you stand out above all the other bidders.
  5. Make your offer clean, crisp and understandable. A confusing offer with a lot of stipulations may be turned away just because folks don’t like to deal with much paperwork.

Making an offer on a house can be an exciting time in your life, if you just remember to keep some of these tips in mind. The most important bit of advice I can give you if you find yourself stuck in the middle of a bidding war for the home of your dreams is to not get discouraged. If you are meant to have the particular house you are bidding on you will get it.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

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